Act Number: 5

Act Name: The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Year: 1970

Enactment Date: 1970-03-31

Long Title: An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 17: References to existing banks on and from the commencement of this Act.—
    Any reference to any existing bank in any law, other than this Act, or in any contract or other instrument shall, in so far as it relates to the undertaking which has been transferred by section 4, be construed as a reference to the corresponding new bank.
Previous Section Next Section
Scroll to Top